iron ore utah's first mining venture in australia is the mt goldsworthy iron ore project located near the northwest coast of australia this property is controlled by utah construction & mining co cyprus mines corpora tion and consolidated goldfields australia limited each participant holding a one-third interest exploration and development work done to date indicated proven and probable reserves of approximately 87,000,000 long tons of high-grade direct shipping ore averaging about 64 fe agreements concluded to date with the japanese steel industry call for the delivery of approxi mately 33 million tons of iron ore from mt goldsworthy of which 8 mil lion tons has been delivered to date shipments began in june 1966 at an annual rate of 1.5 million tons and will reach 4.2 million tons annually by 1970 these shipments represent only the sales under long term contracts in addition spot sales can and are being made as market conditions permit after provision for existing commitments under contract the owners still have available for mining in the mt goldsworthy area proven and probable reserves of 54 million long tons of direct shipping iron ore the owners are now considering a phased expansion of the mt goldsworthy facilities to an annual production capacity of 8 million tons in 1973 the first phase of the planned expansion would increase capacity to a 6 million ton annual rate by mid-1970 new markets are being actively sought in japan and europe for ad ditional sales of iron ore from the project